# Robustness: Additional Controls

| Variable | EMU: Baseline | EMU: + trade_openness | EMU: + kaopen | EMU: + trade + kaopen | CFA: Baseline | CFA: + trade_openness | CFA: + kaopen | CFA: + trade + kaopen |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | -189.7500*** | -194.6824*** | -192.2861*** | -189.3332*** | 126.5171*** | 132.9465*** | 134.4653*** | 133.6704*** |
| | (35.6908) | (51.8934) | (32.7808) | (64.4809) | (48.7210) | (31.7921) | (49.9738) | (32.9287) |
| Z_2 | 24.2056*** | 23.9292*** | 24.8801*** | 22.0485*** | -17.2195** | -15.7166*** | -18.5874** | -15.7658*** |
| | (4.6263) | (6.7323) | (4.2904) | (8.3784) | (8.0030) | (5.1622) | (8.2556) | (5.3809) |
| Z_3 | -0.8706*** | -0.8459*** | -0.9000*** | -0.7385** | 0.6638* | 0.5583** | 0.7234** | 0.5606** |
| | (0.1713) | (0.2504) | (0.1599) | (0.3131) | (0.3474) | (0.2228) | (0.3596) | (0.2329) |
| fiscal_bal_gdp | -0.0679 | -0.0432 | -0.0929 | -0.0234 | 0.5121*** | 0.5746*** | 0.5250*** | 0.5805*** |
| | (0.0654) | (0.0652) | (0.0693) | (0.0662) | (0.0853) | (0.0566) | (0.0872) | (0.0578) |
| nfa_gdp_lag | 1.6071** | 0.2445 | 2.2355*** | -1.2308 | 2.5280 | -0.8285 | 2.8067* | -0.6397 |
| | (0.6681) | (0.7834) | (0.7579) | (1.0906) | (1.6114) | (1.1191) | (1.6447) | (1.1470) |
| rgdp_growth | 0.1202*** | 0.1383*** | 0.1245*** | 0.1544*** | 0.2282*** | 0.1046** | 0.2260*** | 0.1053** |
| | (0.0379) | (0.0355) | (0.0405) | (0.0353) | (0.0398) | (0.0438) | (0.0406) | (0.0446) |
| trade_openness | | -0.0458*** | | -0.1159*** | | -0.1642*** | | -0.1673*** |
| | | (0.0114) | | (0.0154) | | (0.0233) | | (0.0239) |
| kaopen | | | -0.1634 | -0.7333 | | | 1.7499 | 0.5388 |
| | | | (0.7911) | (0.9527) | | | (2.0731) | (1.3662) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| N | 447 | 447 | 405 | 405 | 528 | 508 | 511 | 492 |
| R² | 0.2416 | -0.5478 | 0.2904 | -1.9511 | 0.0711 | 0.3229 | 0.0858 | 0.3287 |
| Countries | 19 | 19 | 18 | 18 | 14 | 14 | 14 | 14 |

*Panel GLS with country and year fixed effects. Tests whether amplification survives inclusion of trade openness and capital account openness (KAOPEN).*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*